Who Owns Core Scientific Company?

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Who Owns Core Scientific?

Understanding a company's ownership is key to its strategy and accountability. Core Scientific's ownership structure was significantly altered by its emergence from Chapter 11 bankruptcy in January 2024, following a major financial restructuring and relisting on Nasdaq.

This restructuring redefined its shareholder base and stabilized its operations. The company, founded in 2017, is a major player in digital asset mining, particularly Bitcoin, and offers blockchain infrastructure services.

As one of North America's largest publicly traded blockchain infrastructure providers, Core Scientific reported $502.2 million in revenue for 2024. This growth was seen in both its mining and hosting operations, including its Core Scientific BCG Matrix analysis.

Core Scientific was established in 2017 with a founding team that included Michael Jeffrey Levitt and Darin Feinstein. Other sources also mention Tarik K. Musaddiq, Russell Cann, and Zachary Schreiber as part of the initial founding group. The company's early capital infusion involved securing $54 million in funding during 2017, with significant participation from investors like GIC Pte, a Singapore-based investment firm.

Founding Year

Core Scientific Inc. was founded in 2017, marking the beginning of its operations in the digital infrastructure space.

Key Founders

The initial founding team comprised Michael Jeffrey Levitt and Darin Feinstein, with Tarik K. Musaddiq, Russell Cann, and Zachary Schreiber also identified as founding members.

Initial Funding

In 2017, the company secured $54 million in initial funding, with GIC Pte being a notable investor in this early stage.

Total Early Funding

Core Scientific raised over $115 million across three funding rounds, including a $50 million round in December 2018 and a $44 million Series A in early 2020.

Strategic Partnerships

A significant partnership was formed with Bitmain Technologies Limited in April 2021 for the purchase of over 188,000 mining units.

Acquisitions

The company expanded its services through acquisitions, including Stax Digital in September 2019 and Atrio in June 2020.

The company's early capital strategy involved raising over $115 million through multiple funding rounds, including a $50 million round in December 2018 and a $44 million Series A in early 2020, alongside a $21 million debt financing round in May 2020. This financial backing was crucial for its rapid infrastructure development and market expansion. Strategic partnerships, such as the April 2021 agreement with Bitmain Technologies Limited to acquire over 188,000 S19 mining units, and acquisitions like Stax Digital in September 2019 and Atrio in June 2020, were key to enhancing operational efficiency and broadening its service offerings in blockchain mining and computational cloud services. While specific initial equity distributions among the founders are not publicly disclosed, these early financial and strategic moves underscore the founders' ambition to establish Core Scientific as a leader in the blockchain and AI infrastructure and software sectors, aligning with the company's Target Market of Core Scientific.

Early Investment Landscape

Core Scientific's early growth was fueled by substantial investment, with total funding exceeding $115 million across several rounds. This capital was instrumental in building out its operational capacity and market presence.

• Initial funding in 2017: $54 million, including investment from GIC Pte.
• December 2018 funding round: $50 million.
• Early 2020 Series A: $44 million.
• May 2020 debt financing: $21 million.

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The ownership structure of Core Scientific Inc. has undergone significant transformations, notably through its initial public offering via a SPAC merger and subsequent emergence from Chapter 11 bankruptcy. These events have reshaped the landscape of who holds stakes in the company.

Following its emergence from bankruptcy in January 2024, Core Scientific saw its ownership diluted as debt was converted to equity. Initially, existing shareholders retained approximately 60% of the company's new equity. However, a pivotal shift occurred in July 2024 with the announcement of CoreWeave's acquisition of Core Scientific. This all-stock deal, valued at approximately $9 billion, means that Core Scientific stockholders will receive shares of CoreWeave Class A common stock, fundamentally altering the Core Scientific ownership structure.

Key Ownership Milestones

Core Scientific's journey includes a SPAC merger, a bankruptcy restructuring, and a significant acquisition. These events have dramatically reshaped who owns the company.

• Public listing via SPAC merger in January 2022.
• Chapter 11 bankruptcy filing in December 2022.
• Emergence from bankruptcy in January 2024, with debt reduction and equity distribution.
• Announcement of acquisition by CoreWeave in July 2024.
• As of May 3, 2024, there were 177,783,480 shares of common stock outstanding.
• By July 2025, the number of shares outstanding increased to 315,186,000.

The acquisition by CoreWeave marks a significant change in Core Scientific Inc. ownership. Under the terms of the agreement, Core Scientific stockholders are set to receive 0.1235 newly issued shares of CoreWeave Class A common stock for each share of Core Scientific common stock they hold. This strategic move is particularly relevant given the increasing demand for power-intensive infrastructure from AI companies. Understanding these ownership changes is crucial for anyone tracking Core Scientific shareholders and Core Scientific investors.

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Core Scientific's Board of Directors, established upon its emergence from bankruptcy on January 23, 2024, consists of six independent directors alongside President and CEO Adam Sullivan. The board composition saw changes in May 2025 with the appointment of Elizabeth Crain and the election of Jordan Levy as Chair, succeeding Jarrod Patten. Todd Becker stepped down from the board during the same period.

As of the latest available data, Adam Sullivan, in his capacity as CEO, holds a direct ownership stake of 0.36% in the company, with an approximate valuation of $13.52 million. The management team and board of directors collectively have an average tenure of 1.6 years, indicating a recent restructuring of leadership. The voting power within Core Scientific Inc. generally adheres to a one-share-one-vote principle for its common stock. For detailed information regarding the directors and executive officers, including their shareholdings and voting rights, reference should be made to the company's proxy statement filed with the SEC on March 28, 2025, for its 2025 annual meeting of stockholders. This document provides comprehensive insights into the Core Scientific ownership structure and the key stakeholders in Core Scientific.

Understanding Core Scientific Ownership

The ownership structure of Core Scientific has evolved significantly, particularly following its emergence from bankruptcy. Understanding who owns Core Scientific is crucial for assessing its future direction and stability.

• Adam Sullivan, CEO, directly owns 0.36% of shares.
• The board comprises six independent directors and the CEO.
• Jordan Levy chairs the board, succeeding Jarrod Patten.
• Elizabeth Crain chairs the Audit Committee.
• The average tenure of management and the board is 1.6 years.
• Details on Core Scientific shareholders and investors are available in SEC filings.

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Core Scientific has experienced significant ownership shifts over the past few years, notably its emergence from Chapter 11 bankruptcy in January 2024. This restructuring saw a substantial debt reduction of $400 million through debt-to-equity conversion, with existing shareholders retaining approximately 60% of the company's new equity. The company also successfully completed an oversubscribed $55 million Equity Rights Offering in early 2024, further solidifying its financial position and indicating a changing Core Scientific ownership landscape.

A pivotal development in Core Scientific's ownership trajectory is the announced acquisition by CoreWeave in an all-stock transaction valued at approximately $9 billion as of July 2025. This strategic move, approved by both companies' boards, will result in Core Scientific stockholders receiving 0.1235 newly issued shares of CoreWeave Class A common stock for each Core Scientific share they hold. This acquisition underscores a significant trend of AI infrastructure companies seeking to secure power-intensive operations, highlighting the convergence of the AI and digital asset sectors. Earlier in mid-2024, Core Scientific had declined a similar buyout offer but subsequently entered into substantial long-term contracts with CoreWeave, including a 12-year agreement to provide 200 megawatts of infrastructure for AI services, which may have influenced the eventual acquisition. The mandatory conversion of outstanding Secured Convertible Notes due 2029 on July 10, 2024, led to the issuance of approximately 45 million shares of common stock in exchange for $260 million of convertible debt, further bolstering the company's financial structure and altering the Core Scientific Inc. ownership. As of August 1, 2025, Core Scientific's market capitalization reached $3.77 billion, a notable increase since its relisting in January 2024, reflecting its post-restructuring performance and potential future value for Core Scientific shareholders.

Post-Bankruptcy Equity Stake

Following its emergence from bankruptcy in January 2024, existing shareholders retained approximately 60% of the company's new equity. This indicates a significant portion of Core Scientific ownership remained with its prior investors after the restructuring.

Acquisition by CoreWeave

The announced acquisition by CoreWeave in July 2025, valued at approximately $9 billion, signifies a major shift in Core Scientific ownership. Core Scientific stockholders are set to receive CoreWeave stock, integrating the company into a larger AI infrastructure entity.

Debt Conversion Impact

The conversion of $260 million in convertible debt into roughly 45 million shares of common stock on July 10, 2024, directly impacted the number of outstanding shares and diluted existing ownership percentages, a key aspect of Core Scientific ownership changes.

Market Capitalization Growth

As of August 1, 2025, Core Scientific's market capitalization stood at $3.77 billion, a substantial increase since January 2024. This growth reflects improved operational performance and investor sentiment towards Core Scientific investors.

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